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RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States
Equation (7)
(
κ
R
P
Y
)
s
t
=
β
1
R
I
N
T
R
A
T
E
s
t
+
β
2
Δ
C
P
I
s
t
+
γ
C
O
N
T
R
O
L
S
s
t
+
θ
s
+
λ
t
+
ε
s
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@6A3E@